11
See all 11 photos
$550,000
Est. payment /mo
12 Beds
6 Baths
4,547 SqFt
Price Dropped by $49K
8816 SPRUCE ST New Orleans, LA 70118
REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.
In-PersonVirtual Tour
UPDATED:
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 4,547 sqft
Price per Sqft $120
MLS Listing ID 2474068
Style Traditional
Bedrooms 12
Full Baths 6
Construction Status Very Good Condition
HOA Y/N No
Year Built 1992
Property Sub-Type Apartment
Property Description
NEW PRICE & NEW RENTS! All rents to $900 per month now - 100% occupied. 8816-26 Spruce Street is a 6-unit multifamily property located in the rapidly-growing Leonidas/Carrollton neighborhood, just blocks away from the Carrollton Avenue and S. Claiborne Avenue. The property is in excellent condition and has major upside potential in rents as the current owner favored maintaining relationships with long term tenants. Rents for 2 bed/1 bath units in this area in similar condition and size can obtain a rental amount of $1,100 per month conservatively. This would bring the potential rental income to $6,600 per month.
There are two (2) buildings included in the overall property that each have their own individual tax parcel, a four-plex and a duplex. This allows for a buyer to obtain residential 1-4 investment financing which is favorable compared to commercial 5+ financing.
All of the units are separately metered for water AND electricity. The tenants are responsible for all utilities, which brings down overall costs and greatly enhances the value of the asset.
There are two (2) buildings included in the overall property that each have their own individual tax parcel, a four-plex and a duplex. This allows for a buyer to obtain residential 1-4 investment financing which is favorable compared to commercial 5+ financing.
All of the units are separately metered for water AND electricity. The tenants are responsible for all utilities, which brings down overall costs and greatly enhances the value of the asset.
Location
State LA
County Orleans
Interior
Heating Central
Cooling Central Air
Fireplace No
Exterior
Parking Features Off Street, Three or more Spaces
Water Access Desc Public
Roof Type Asphalt,Shingle
Building
Lot Description City Lot, Oversized Lot
Entry Level Two
Foundation Slab
Sewer Public Sewer
Water Public
Architectural Style Traditional
Level or Stories Two
Construction Status Very Good Condition
Others
Tax ID 716302810
Special Listing Condition None
Listed by Bridgewater Realty Advisors, LLC